Mitt Romney Has 'Casual Relationship With The Truth And Reality'

Taibbi took on what he described as Romney's hypocritical stance on the nation's deficit given Romney's private equity background, the subject of his recent Rolling Stone article.

"I remember listening to these speeches and then looking around at the press corps and at everybody else and wondering, 'How is it that nobody's bringing up the fact that this guy was a leveraged buyout expert?'" Taibbi told HuffPost Live's Ahmed Shihab-Eldin. "This is how he made his fortune. What is leverage? Leverage is debt. What this guy did for a living is he borrowed money that other people had to pay back."

Taibbi said that the Romney campaign is "trying to make [the election] a referendum on the irresponsibility of the Obama administration" because conversation about the national debt "really strikes a chord with a lot of ordinary Americans who "don't understand how deficit spending works."

Taibbi took on what he described as Romney's hypocritical stance on the nation's deficit given Romney's private equity background, the subject of his recent Rolling Stone article.

"I remember listening to these speeches and then looking around at the press corps and at everybody else and wondering, 'How is it that nobody's bringing up the fact that this guy was a leveraged buyout expert?'" Taibbi told HuffPost Live's Ahmed Shihab-Eldin. "This is how he made his fortune. What is leverage? Leverage is debt. What this guy did for a living is he borrowed money that other people had to pay back."

Taibbi said that the Romney campaign is "trying to make [the election] a referendum on the irresponsibility of the Obama administration" because conversation about the national debt "really strikes a chord with a lot of ordinary Americans who "don't understand how deficit spending works."

private equity takes those kind of risks all the time because there is a chance of the money being paid back. Someone had to ok the loan, I do it all the time in the futures market. In the end it is understood who exactly takes the losses if any and we all move on.

There is no hope of the government debt being paid back, the government didn't buy any assets except GM, and the government can print money. There is no analogy. Just how stupid are you guys?

A while back I saw an interview with a private equity executive. He said people are often unhappy with the deal after the fact because they have short memories. He says these "unhappy" deals are often the result of the following series of events which clients need to be reminded of:

a) A company gets into financial trouble.

b) They try every possible way to raise money. They fail.

c) As a last resort, they approach a private equity firm for capital.

d) The private equity firm makes an offer commensurate with the high level of risk involved in the deal.

e) The company accepts offer.

f) Time passes. Company management/stakeholders become disgruntled over the deal.

What he tells them when they come back to him unhappy about the deal is something like this: "You came to me asking for money when nobody else woud give you a dime. At your request, I made you an offer. You chose to accept the offer. I gave you money in accordance with the deal you accepted. How is any of this my fault?"

He has a point. Nobody forced these companies to do business with the private equity firm. That was their choice.

A while back I saw an interview with a private equity executive. He said people are often unhappy with the deal after the fact because they have short memories. He says these "unhappy" deals are often the result of the following series of events which clients need to be reminded of:

a) A company gets into financial trouble.

b) They try every possible way to raise money. They fail.

c) As a last resort, they approach a private equity firm for capital.

d) The private equity firm makes an offer commensurate with the high level of risk involved in the deal.

e) The company accepts offer.

f) Time passes. Company management/stakeholders become disgruntled over the deal.

What he tells them when they come back to him unhappy about the deal is something like this: "You came to me asking for money when nobody else woud give you a dime. At your request, I made you an offer. You chose to accept the offer. I gave you money in accordance with the deal you accepted. How is any of this my fault?"

He has a point. Nobody forced these companies to do business with the private equity firm. That was their choice.

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Being smarter than somebody else even if they agree to it , is exploiting them.
Therefore all gains are ill gotten.
No one deserves to retain their ill gotten gains.
It's the moral responsibility of the govt to confiscate all ill gotten gains.

A while back I saw an interview with a private equity executive. He said people are often unhappy with the deal after the fact because they have short memories. He says these "unhappy" deals are often the result of the following series of events which clients need to be reminded of:

a) A company gets into financial trouble.

b) They try every possible way to raise money. They fail.

c) As a last resort, they approach a private equity firm for capital.

d) The private equity firm makes an offer commensurate with the high level of risk involved in the deal.

e) The company accepts offer.

f) Time passes. Company management/stakeholders become disgruntled over the deal.

What he tells them when they come back to him unhappy about the deal is something like this: "You came to me asking for money when nobody else woud give you a dime. At your request, I made you an offer. You chose to accept the offer. I gave you money in accordance with the deal you accepted. How is any of this my fault?"

He has a point. Nobody forced these companies to do business with the private equity firm. That was their choice.

More...

thats not the point. it was too hard for Mav88 to understand. maybe you can. romney is out there bashing obama for debt when he made his living from debt.
on second thought maybe a venture capalist is what we need as president. he would understand that the time to load the balance sheet with debt,and use it to make productivity improvements, is when rates are low. like now.